MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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White House: Biden's SOTU Put Republicans On The Defensive

US

White House Press Secretary Karine Jean-Pierre has told reporters that President Biden's State of the Union speech yesterday put Republican "on the defensive" when he "called out" Republican members over proposed social security and Medicare cuts "on live television."

  • Jean-Pierre: "Members of the Republican caucus have repeatedly for many, many years tried to cut Medicare and social security, to privatise it, raise the retirement age and put it on the chopping block."
  • Jean-Pierre said that "Americans don't want to see that" in reference to jeering and boos from some Republican lawmakers during Biden's SOTU speech.
  • Jean-Pierre also said that Biden doesn't currently have plans for a second meeting with House Speaker Kevin McCarthy (R-CA) on the debt ceiling but there have "been conversations" between the White House and McCarthy's team.
  • Jean-Pierre: "We want to see their plan [to cut government spending], we're still going to call out for their plan. We're going to put our budget out on March 9. Lets see exactly what they want to do."
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